Banco Central de Perú por dentro: Ex Ceo da detalles / Consejos para jóvenes, Eduardo Torres - Llosa

Cultura de Excelencia en el BCR

Características de la Cultura Organizacional

• La cultura en el Banco Central de Reserva (BCR) se define como una "cultura de excelencia", donde todos los miembros participan activamente en discusiones técnicas y rigurosas sobre temas económicos.

• Se enfatiza la importancia de tener datos antes de opinar; si alguien no tiene información, simplemente no expresa su opinión, lo que fomenta un ambiente basado en hechos y análisis.

Mantenimiento de la Excelencia

• A pesar de las características del sector público, como estabilidad laboral y falta de competencia, se mantiene una cultura de excelencia a través del rodeo con personas altamente capacitadas y motivadas.

• La formación continua es crucial; se valora más el esfuerzo personal y la superación que los títulos académicos. La experiencia práctica y el deseo constante por aprender son aspectos destacados.

Trayectoria Profesional de Eduardo Torres Dios

Inicios Profesionales

• Eduardo Torres Dios comparte su trayectoria desde sus inicios en economía hasta su trabajo en macroeconomía, destacando su primer encargo profesional relacionado con la inflación durante el gobierno Fujimori.

• Su primera experiencia laboral fue estimar la inflación utilizando una matriz insumo-producto, lo que le permitió entender profundamente los efectos económicos inmediatos.

Evolución hacia Finanzas

• Tras completar un MBA en Bélgica, regresó al grupo Macroconsult para trabajar en finanzas e investigación empresarial. Esto marcó un cambio significativo hacia el ámbito financiero.

• A pesar del amor por el trabajo técnico con herramientas como Bloomberg, tuvo que adaptarse a roles más comerciales dentro del banco, lo cual representó un gran desafío personal.

Desafíos y Aprendizajes

Career Transformation and Digital Evolution

Transitioning Roles in Finance

• The speaker reflects on their experience teaching finance at the Universidad del Pacífico, emphasizing a passion for their work.

• A significant career change was proposed by a superior, which involved a horizontal move without salary increase but led to new responsibilities managing the retail network of the bank.

• Initially doubting their suitability for this role due to lack of communication skills, the speaker's boss encouraged authenticity and assured them that they would become more talkative with practice.

Personal Growth Through Challenges

• The speaker experienced personal growth by overcoming introversion through practical engagement in their new role, leading to enjoyment in developing extroverted skills.

• They express no regrets about this transformative period in their life, highlighting its significance.

Observations on Economic Trends

• The discussion shifts towards technological solutions provided by Teleimpresas aimed at enhancing business operations through digital tools and cybersecurity measures.

• Reflecting on 12 years of SEO experience alongside the bank's growth, the speaker notes how these developments paralleled Peru's economic progress during periods of reform and recovery.

Navigating Economic Crises

• The speaker recounts experiences during various economic phases including rapid recovery post-2007 crisis due to commodity price surges driven by China's economic expansion.

• They mention a significant banking capacity increase (40% over three years), followed by challenges during slower growth periods requiring different management strategies.

Consumer Behavior Changes

• Notably, there has been a substantial shift in Peruvian consumer behavior over the last decade; this prompted a focus on digital transformation within the bank starting from 2015.

Publishing Insights from Experience

• The speaker discusses writing a book based on inquiries from other CEOs about successful banking advancements after leaving their position at the bank.

• This book was structured informally as an index developed from lunch discussions rather than being intended as a formal publication initially.

Balancing Management and Analytical Skills

• As they transitioned into higher management roles, maintaining analytical skills while delegating tasks became crucial for effective time management amidst growing responsibilities.

Reflections on Career Development Paths

Leadership Insights and Team Dynamics

The Importance of a Strong Team

• The speaker reflects on their transition from a generalist to a specialist, emphasizing the importance of having a supportive team during this change.

• They highlight that many of their direct reports have advanced to significant positions within BBVA and other financial institutions, showcasing effective talent selection.

• A key takeaway is the value of surrounding oneself with capable individuals, which not only eases work but also fosters personal growth among team members.

Strategic Focus in Banking

• The discussion shifts to strategic priorities as a general manager, focusing on unifying the team's direction while balancing various objectives within regulated banking environments.

• The speaker notes that risk management and financial performance often have conflicting goals, making it crucial for leadership to ensure team cohesion towards common organizational objectives.

Achievements in Service Quality

• They recount how their bank achieved high service quality rankings by aligning team efforts with customer satisfaction metrics, ultimately becoming one of the top banks in Peru by 2011.

• Emphasizing employee mobility within the organization, they discuss how promoting internal growth opportunities contributed to overall success and profitability.

Experience at Banco Central de Reserva

• Reflecting on their tenure at the Central Reserve Bank of Peru (BCR), they express pride in being part of an institution that has maintained stability through political crises.

• They describe receiving an unexpected call from Julio regarding a managerial position at BCR after completing various consulting roles and writing a book.

Transitioning into Public Sector Leadership

• The speaker shares insights about accepting the role at BCR, motivated by both personal honor and interest in macroeconomics despite initial hesitations about returning to academia.

Insights on Organizational Culture and Excellence at BCR

Respect for Expertise and Leadership Transition

• The speaker expresses deep respect for Renzo Rosini, highlighting his influence on their son's decision to study economics. They reference a specific interview with Rosini as a valuable resource.

• The satisfaction of having succeeded Rosini in leadership at BCR is emphasized, along with the appointment of Paul Castillo as a capable successor.

Team Excellence and Technical Competence

• Acknowledgment of the high caliber of the BCR team, particularly mentioning Julio's exceptional skills while also recognizing the strength of the supporting team.

• The speaker notes that BCR is globally respected, often sought after by international organizations like the IMF for technical expertise. This reflects its strong reputation in macroeconomic policy.

Importance of Organizational Culture

• The speaker contrasts their previous experience at BVA with insights gained at BCR regarding organizational culture, emphasizing its critical role in achieving excellence.

• Examples illustrate how data-driven discussions are prioritized within BCR; opinions are only shared when backed by solid data, showcasing a rigorous approach to economic discourse.

Commitment to Data Integrity and Work Ethic

• An anecdote about inflation reporting highlights a commitment to accuracy; even minor updates lead to comprehensive revisions, demonstrating dedication to quality work despite increased effort required.

• The culture at BCR fosters an environment where employees feel secure due to job stability and merit-based hiring practices, which contributes significantly to maintaining high performance standards.

Challenges in Public Sector Performance

• Questions arise about why similar levels of excellence cannot be replicated in other public sectors or ministries; meritocracy is identified as a key factor for success at BCR compared to other institutions.

• The discussion touches on institutional inefficiencies leading to talent loss from public service roles, ultimately affecting state efficiency and impacting vulnerable populations negatively.

Global Perception and Innovation

BCR's Role and Innovations in Peru

Central Bank Interventions

• The BCR (Banco Central de Reserva del Perú) intervenes daily in the monetary and exchange markets, recognized for its fine-tuned operations.

• The IMF acknowledges the BCR's effective strategies, particularly regarding reserve accumulation and macroprudential policies to manage external funds.

Crisis Management and Adaptability

• Post-2009 financial crisis, the BCR has been queried on its successful management strategies, especially during the COVID pandemic with programs like Reactiva.

• The BCR is respected globally among central banks that target inflation, noted for its innovative approaches.

Digital Payment Innovations

• A significant focus on digital retail payments was observed at an IMF meeting, highlighting Peru's advancements in interoperability as a major success.

• Peru has adopted India's digital payment platform, positioning itself as a leader in this area while assisting other countries like Colombia.

Economic Stability Amid Global Challenges

• Despite global instability due to factors like tariffs under Trump’s administration, Peru maintains economic stability through effective central bank roles.

• Central banks are performing well overall; however, government fiscal deficits pose significant challenges that could hinder future growth.

Future Economic Concerns

• Current government spending trends may lead to increased interest rates by central banks, potentially resulting in slower economic growth.

• Speculation suggests a future of reduced growth rates which would adversely affect economies reliant on external growth.

Challenges of Digital Transformation for Business Leaders

Navigating Technological Changes

• With recent shifts towards digital transformation and AI technologies, business leaders face new challenges requiring adaptation to rapid changes.

Educational Initiatives

• Ongoing education is crucial; one individual discusses their intensive 9-month program focused on artificial intelligence at Universidad del Pacífico Minid.

Industry Awareness

Understanding the Shift in Banking and Technology

The Importance of Knowledge and Questions

• The speaker emphasizes that a lack of understanding exists regarding technological knowledge within teams, highlighting that directors should focus on asking the right questions rather than possessing all technical knowledge.

Evolution of Banking Terminology

• In modern banking, the term "digital transformation" has evolved into "smart interactions," focusing on creating valuable customer experiences despite having millions of clients.

Generative Agents in Customer Interaction

• The discussion introduces generative agents as tools to enhance personalized customer interactions, suggesting their potential to address issues like reading comprehension through natural language processing.

Challenges in Technological Adoption

• There is a call for training and education to keep pace with technological advancements; without it, society risks falling behind current trends.

Future Technologies: Quantum Computing and AI

• The speaker discusses the transformative impact of quantum computing on industries, noting its potential to reduce costs significantly and improve transparency in services.

The Need for Adaptation in Business

Current Trends in Quantum Computing

• Mentioning IBM's advancements, the speaker raises concerns about how central banks are preparing for encryption challenges posed by quantum computing technologies.

Energy Consumption Concerns

• Acknowledgment is made regarding the high energy consumption associated with AI processing, leading to discussions about developing eco-friendly solutions through quantum labs.

Optimism About Technological Leapfrogging

• The concept of "leapfrogging" is introduced, where companies can bypass outdated technologies by adopting new ones directly, potentially giving them an advantage over established players.

Investing in Human Capital

Education as a Key Investment

• Emphasizing education as crucial for national development, the speaker argues that investing in personal growth yields significant returns compared to other investments.

Encouraging Technical Skills Development

• The importance of learning programming languages like Python is highlighted as essential for adapting to modern job markets. Personal anecdotes illustrate this point effectively.

Valuing Human Resources Over Natural Resources

The Importance of Technology in Various Fields

Emphasizing Technological Knowledge

• The speaker discusses the hiring plans for data scientists, emphasizing the need for knowledge in technology alongside traditional fields like marketing.

• It is highlighted that understanding technology's impact on journalism is crucial as consumer habits are changing rapidly due to technological advancements.

• The speaker stresses that without offering value based on these changes, businesses cannot monetize effectively, leading to a lack of viable business cases.

Necessity of Continuous Learning

• There is a call to action for individuals across all industries to educate themselves about technology to avoid obsolescence and ensure business viability.

• A partnership between BCR and Midagri showcases how satellite imagery can revolutionize agriculture through AI, but concerns arise over talent retention and knowledge accumulation.

Challenges in Human Resource Development

• The speaker notes the limitations faced by SENAMI despite having advanced computing resources due to insufficient budget for training technical staff.

• There is an acknowledgment of the need for skilled human resources in Peru, with a belief that there should be no barriers to training available talent.

Peru's Future: Short-term vs Long-term Perspectives

Reflections on National Progress

• The discussion shifts towards Peru's future amidst upcoming elections, highlighting the tendency to focus on short-term gains rather than long-term strategies.

• The creation of a middle class over the past 20 years is identified as a significant achievement; however, this class remains vulnerable due to economic instability.

Current Economic Landscape

• The pandemic has exacerbated issues within healthcare and social security systems, pushing many back into poverty when faced with health crises.

• Recent job growth statistics indicate an increase in formal employment; however, this rebound is described as endogenous and not necessarily indicative of sustainable progress.

Calls for Systemic Reforms

• Emphasis is placed on the necessity for second-generation reforms focusing on public management respect and efficiency as essential for national growth.

Insights on Institutional Challenges and Personal Growth

Institutional Deficiencies and Political Hope

• The speaker expresses hope for improvement in governance through bicameralism, despite acknowledging that it may have been implemented for the wrong reasons. They emphasize the need for capable senators to enhance political conditions.

• A conversation with a former minister reveals deep concerns about institutional deficiencies, highlighting a growing disdain for public service which ultimately affects community welfare.

• The speaker reflects on the potential of their country, lamenting that despite its incredible capabilities, progress is hindered by systemic issues.

Guidance for Youth: Professional and Personal Development

• Addressing a young audience, the speaker encourages inquiries about personal and professional growth, emphasizing the importance of values alongside technical skills.

• The discussion shifts to career paths; the speaker argues there is no fixed career line but rather a "career map," advocating for an open-minded approach to exploring new opportunities.

Key Attributes for Success

• Emphasizing adaptability, the speaker advises young professionals to embrace new experiences without fear of failure or rejection.

• The importance of patience in career development is highlighted; individuals should allow time to adjust rather than seeking instant gratification.

• Effort is identified as a crucial variable in distinguishing oneself professionally. It’s not just about working harder than peers but also striving to exceed expectations consistently.

Integrity and Initiative

• Integrity is underscored as vital both in work and personal life. Being honest and sincere builds respect over time.

• The concept of initiative is illustrated through an anecdote about problem-solving at work. Taking proactive steps can significantly impact one's career trajectory more than mere technical knowledge.

Leadership and Personal Growth

Key Attributes for Success

• The speaker emphasizes three essential variables for success: effort, integrity, and initiative. These qualities are foundational for overcoming challenges and achieving goals.

• In a fast-paced world where immediate results are expected, many entrepreneurs give up after initial failures. This mindset creates a distorted view of reality regarding success.

Understanding the Non-linear Path to Success

• The speaker reflects on a conversation with Father Nicolás, highlighting that success is not linear but rather a complex journey filled with ups and downs.

• The importance of depth in understanding concepts is stressed; instead of seeking quick answers (one click), one should explore deeper (five clicks) to differentiate oneself.

Valuing Patience and Depth

• Acknowledging the superficial nature of modern society, the speaker advocates for patience in personal growth and learning.

Personal Interests and Insights

Hobbies and Relaxation Techniques

• The speaker enjoys reading, sailing, and cosmology—an area related to the origins of the universe. They find it fascinating yet challenging to explain complex ideas from this field.

Life Lessons Learned Over Time

• There’s an emphasis on valuing family balance more than before; recognizing that everything has its time is crucial for personal development.

Cosmology: Exploring Complex Concepts

Understanding Cosmology vs. Astronomy

• Cosmology focuses on the universe's origin while astronomy deals with celestial bodies. The discussion touches upon philosophical questions about existence ("What is nothing?").

Dimensions Beyond Our Perception

• Current scientific understanding includes four dimensions: height, width, length, and time as a variable dimension—a concept rooted in Einstein's theories.

Quantum Physics Insights

• Discussion includes antimatter research; despite being elusive, it plays a significant role in understanding universal laws. The Higgs boson discovery exemplifies breakthroughs in particle physics.

Recommendations for Further Reading

Suggested Literature

Literary Discoveries and Insights on Happiness

Historical Novels and Personal Favorites

• The speaker expresses a fondness for historical novels, mentioning the Spanish author Chicot and his book "El asesinato de Aristóteles," which is part of a trilogy that includes works about Socrates and Plato.

• Santiago Posteguillo is highlighted as a prominent figure in historical fiction, known for narrating real events from Roman history, particularly the conflicts between Carthaginians and Romans around 300 BC.

• The speaker shares their preference for the book "Orchestrating Transformation" from IMD, emphasizing its realistic portrayal of digital transformation compared to American literature that often overlooks failures.

Insights on Happiness

• A notable recommendation is made for the book "Lleva la vida que quieres vivir," authored by a Harvard professor who teaches a highly sought-after course on happiness.

• The speaker summarizes key insights from this book, noting that students are increasingly concerned with their happiness; they even hosted friends to share these insights over wine.

Friendship and Longevity

• The discussion touches upon the importance of friendships in achieving happiness, citing statistics indicating that an average American has only two true friends.

• It challenges traditional views on marriage's role in happiness, revealing studies showing that companionship—regardless of marital status—is more crucial for long-term happiness.

Data-driven Perspectives

• The conversation emphasizes data-backed findings regarding relationships and personal fulfillment, suggesting those with close companions tend to be happier as they age.

• The speaker mentions how oxytocin—the hormone associated with social bonding—plays a significant role in enhancing life satisfaction.

Conclusion and Community Engagement

• Gratitude is expressed towards listeners for their engagement with the podcast content, highlighting community interaction as vital to its success.